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888 to Exit US Sports Betting Market, Pays $50 Million Termination Fee

The gambling giant 888 Holdings will pay a $50 million fee to end its partnership with Sports Illustrated owner Authentic Brands, signaling a retreat from the competitive US sports betting scene.

Overview

  • 888 Holdings announced it will exit the US sports betting market, less than three years after its entry.
  • The company will pay a $50 million termination fee to Authentic Brands Group, split into two payments.
  • Despite initial success with SI Casino, 888 struggled to achieve sufficient market scale in the US.
  • The exit reflects the intense competition and high investment required for profitability in the US market.
  • Authentic Brands plans to adopt a 'Gambling 2.0' strategy, seeking non-exclusive content partnerships with other operators.